The present invention relates to systems and methods for placing parimutuel wagers on future events. More particularly, the present invention is systems and methods for providing multiple wagering pools for each future event in which wagerers may place parimutuel wagers.
Parimutuel wagering, such as wagering on horse racing in the United States, is a very popular activity. Parimutuel wagering typically involves receiving wagers from wagerers, creating wagering pools for each type of wager, deducting a percentage of the wager pools to cover transaction fees, racetrack fees, and the like, and paying out the remainder of the wagering pools as winnings based upon the wager amounts and wager types placed on each runner. Because wagers are effectively placed against other wagerers, rather than against a “house”, parimutuel wagering has gained wide-spread acceptance.
When making a parimutuel wager on an event, the wagerer typically places the wager in person at the track, at an off track betting establishment, or at home using a set-top box, a telephone, a computer, or any other suitable device that provides access just prior to the race. For example, a wagerer may place a wager at any time from when the track opens on race day up until the post time for the race. During that time, a parimutuel wagering pool for the race is open for accepting wagers and odds and payouts are calculated. When the time to place wagers has expired, the odds and payouts for the race becomes fixed.
Frequently it is desirable to be able to place a wager on an event well in advance of the event. For example, a wagerer may desire to place a wager on the Kentucky Derby two weeks before the race. Prior to the present invention, it has not been possible to place parimutuel wagers on events far in the future. Wagerers may not be drawn to placing wagers on events far in the future because odds can drastically change as a result of the number of additional wagers that may be placed in the extended period of time available for placing wagers. Rather, it has only been possible to place fixed-odds wagers on such races through sports books, such as those found in casinos in Las Vegas, Nev.
Because fixed-odds wagering is against the law in many states, whereas parimutuel wagering is not, it is desirable to be able to place parimutuel wagers well in advance of future events.
In view of the foregoing, it is an object of the present invention to provide systems and methods for placing parimutuel wagers on future events.
It is a more particular object of the present invention to provide systems and methods for placing parimutuel wagers on future events while reducing the likelihood of the odds from changing too drastically.